WASHINGTON, D.C. – Today, Senator Rick Scott joined Senator Rand Paul to introduce the Federal Reserve Transparency Act, which requires a full audit of the Federal Reserve System’s Board of Governors and the regional Federal Reserve banks. Senator Scott has repeatedly criticized the Fed under the leadership of Chairman Jay Powell for its continued failures to control inflation, its unchecked expansion of the balance sheet, and a severe lack of accountability to the American people. The Senator has argued that Jay Powell’s mismanagement of the Fed has contributed to soaring interest rates and rising costs for American families and businesses. This legislation seeks to shine a long-overdue spotlight on the central bank’s operations and demands transparency as to how it handles trillions of dollars in taxpayer-backed liabilities.

Senator Scott has previously led various bills to hold the Federal Reserve accountable including a legislative package containing his: Regular Order For Investments (ROI) of the Federal Reserve Act, Right Size the Federal Reserve Act, Rein in the Federal Reserve Act, as well as a bipartisan bill that would require an independent, presidentially-appointed and Senate-confirmed Inspector General. Senator Scott previously called for accountability at the Federal Reserve in a letter to Chairman Powell discussing the need to hold Federal Reserve employees accountable amid numerous ethics concerns, insider trading, and bank failures. Earlier this year, Senator Scott also wrote an op-ed in Fox News, further exposing Jay Powell’s failures to American families as chair of the Federal Reserve.

Senator Rick Scott said, “If the goal were to lose trillions of dollars and get mired in scandals, Jay Powell would be the gold standard – but that’s not the goal. Powell has been a total disaster at the Federal Reserve, accruing over a trillion dollars in losses and mismanaging the central bank at the expense of American families. Under his failed leadership, the Fed has been plagued by ethics scandals, regulatory failures, and a complete lack of transparency. Now, he's blowing $2.5 billion on a luxury renovation at the Fed’s headquarters - that’s more than an NFL stadium or a brand-new skyscraper! American taxpayers deserve answers and accountability, which is why I’ve already introduced bipartisan legislation to require an independent, Senate-confirmed Inspector General at the Fed, and am proud to be leading this effort to deliver a full audit of the Fed’s books. President Trump is right: Jay Powell has been very bad for our country, and it's time for him to go.”

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